More than 300 organisations covering every aspect of the US insurance industry have combined to declare this the first annual Insurance Careers Month.

The venture – comprising insurers, recruitment companies, technology businesses, universities and professional associations – aims to attract young people to insurance careers.

An open letter signed by US industry heavyweights Dan Glaser (CEO Marsh & McLennan) and Brian Duperreault (CEO Hamilton Insurance Group) and Lloyd’s CEO Inga Beale says the industry will play a key role in how society addresses critical issues such as climate change, cyber security and water scarcity.

They also flag issues such as the rise of drones, biotechnology, nanotechnology, 3D printing and artificial intelligence.

“The insurance industry must play an important role in addressing these challenges,” the CEOs write. “Our people and our companies supply the products and services that enable businesses to function and innovate, communities to grow and individuals to thrive.”

Yet they note the US insurance industry faces a looming talent crisis: 25% of its professionals are expected to retire in three years, 400,000 positions are projected to be unfilled by 2020 and fewer than 5% of Millennials express interest in working in the industry.

“What’s clear is the critical role our industry plays is not fully understood, particularly among Millennials,” the letter says. “We need to do more to engage, educate and enlist the best and brightest to join us.”

Millennials – born between 1980 and the early 2000s – make up the largest generation in the US, representing one-third of the population in 2013, according to the US Council of Economic Advisers.